Congress still has a long to-do list and not much time left. The House hopes to wrap it up next week — just as the Senate returns from a Thanksgiving break. On many lawmakers' lists are efforts to complete a farm bill before milk prices go off the "dairy cliff." That on top of tough budget negotiations.
Sen. Elizabeth Warren, D- Mass., listens to testimony during a Banking Committee hearing on Nov. 12. In a Senate floor speech on Social Security last month, Warren said, "With some modest adjustments, we can keep the system solvent for many more years, and we could even increase benefits."
For the past three years, there's been a shortfall in the payroll taxes collected for Social Security. And as more baby boomers join the ranks of the 57 million people already receiving benefits, that deficit is bound to keep growing.
At the same time, the overall share of wages being taxed for Social Security is shrinking as the higher wages that are exempt have soared. The Social Security Board of Trustees predicts a nearly $3 trillion trust fund built up over decades will vanish within 20 years.
A rendering of the world's largest vessel, the Shell Prelude, which comes in at just over 1,600 feet. It has just left its dry dock in South Korea, where it is being built. It will eventually head toward Australia, where it will be anchored off the coast and used as a liquefied natural gas facility.